Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1887-12-07
PRESIDENTS MESSAGE.

yonr legislative duties with a
CONDITION OF ruE NATIONAL FINANCES
which imperatively demands immediate and
/ careful consideration. The amount OF
money annually exacted through the opera
ton of present laws from the industries and
and necessities of the people, largely exceeds
the sum necessary TO meet the expenses OF
the government. When We consider that
the theory of our institutions guarantees to
every citizen the full enjoyment of all the
fruits of his industry and enterprise with
only such deduction as may be
his share towards the careful
and economical maintainance of the govern
ment which protects him, it is plain that the
exaction of more than this is indefcnsible
extortion and a culpable betrayal of Ameri-
can fairness and justice. This wrong in
tlicted upon those who bear the burden Of
national taxation, like other wrongs multiplies
4 brood of evil consequences. The public
treasury, which should only exist as con-
duit conveying the peoples money to It's
legitimate object of expenditure, becomes
boarding place for money needlessly with
drawn from trade and the peoples use, thus
Gripping our national energies, suspend
ing our country's development, pre-
venting Investment in productive enterprise,
threatening financial disturbance, and invit-
ing schemes of public plunder. This condi-
ton of our treasury is not altogether new
and it has more than once of late. been sub
mtted to the peoples representatives in the
Congress, who alone can apply remedy,
and vet the situation still continues with ag-
grevatcd incidents, more than the presaging
financial ccnvulson aud wide spread disaster.
1t will not do to neglect this situation be-
cause its dangers are not now palpably immi-
nent and apparent They exist none the less
certainly and await the unforeseen and un-
expected occasion when suddenly they will
be precipitated upon us,
On the 30th day of June 1885, the excess
of revenues over public expenditures, as
complying with the annual requirements of
the sinking fund, was Sl1 ,S59, 1884 during
the wear ending June 30, 1856, such excess
amounted to st7 ,i05 ,5i5,2o; and during the
year ended June 30 1887, it reached the
sum of $50 ,565 ,Sl9.5t.
The annual contributions To the sinking
fund during the three years above specified,
amounting in the aggregate to Sl3s ,o5S ,320.-
"a, AMI deducted from the surplus as stated,
were made by calling in for that purpose,
outstanding three per cent bonds of the
government during the six months prior 10
June 30th 1887 The surplus revenue had
grown SO large by repeated accumulations
and it was feared the withdrawal of this great
sum of money needed by the people would so
Affect the business OF the country that the sum,
$40, ,SGi 100 of such surplus, was applied to
the payment of the principal and interest Of
the three per cent bonds still outstanding,
and which were then payable at the option of
the government. The precarious condition
OF hhahclal AFFAIRS among the people sun
needing relief immediately after the 3otn
day of June, 1887 the remainder of the three
n,.r tha
with principal and interestto the sum OF Sis-
- Iooo' were called IN To he apphed 10 the
sinking iund contribution Tor the cur
rent hscai year Notwithstanding tne opera
uons ot 'he treasury department
representations oil oistress III business CIR
cIeS nave ho' ohiy cohutue"' out "iso IN
c''hSe"' ai" aosoIh'e peru seeneo NJ hanu'
III tlese circumstances 'he con'riput'oh 10 the
sihNlhg i"iu lor 'he curren, nsca' year was
a. once maze ny 'he expenditure OF o@' ,oo4.
-" III ''e purchase OF government, oo"us no'
ye' dne' bearing iouf ana ionf ana haii per
cent interest, tue premium paiu 'hereon aver.
aging apou' - per cen, ior 'ne former anu
rie", per cent ior 'he 'a''er' l" a"''''o" 10
'h's '"e ih'creSt accruing ""ring 'he c"rre"s
year upon ''e ou's'ah"'"e oohoeu
"''"''"'''So VI wv so'.i ".e"',
was to some extent anticipated ana banks as
somewhat increase their deposits. Whiie
'he eSpedient mus empioyed 70 release
70 70 'he people 'nc money lying iu'e III 'he
treasury S'r'eu 10 avert ihiinen'ate ua"ser'
our s"'pu'"s revenues nave con''""eo 10
'ccuihulae' the excess ior 'he present year
amounting on 'he ISL day OF Dec 10
So''zoo''ol'l'' aha estiiha'eo 10 reach
tne sum OF Sll3'ooo'ooo on the oVtn,
Oh June ne" I" Wh,ch uate ~
expected tnat 'his sum anhed 10 prior accum-
ulations WIZ swell the surplus IN the treasury
10 9i'o'ooo,o'o' mere seems 10 pe no assur-
ahce una, WIN snch . wi'hdrawai from use OF
'he people c'ren'a''hg ,neuium our business
| community may not III the near future oe SUD
Jcct W uc saiii' uis''css "hich was qu,e iateiy
prodnced from the same cause while the
functions OF our national treasury should be
few and simple, and while its best condition
would De reached believe ny ITS entire
d'sconnectlon with private business interest,
yet whcn ny a perVersion OF its purposes, 1t
ihly holds money usiessly substracted from
the chanheis OF trane' thefe seems 10 ne reas-
ons for the clam that some legitimate means
should he dlvised by the government TO re-
store in an emergency without waste or ex-
travagance' such money TO its place among
the people
II such an emergency arises there now ex-
'at9 ho ','"i "" "'''o"""u eA'c"''e Po"eI
OF rehei' Heretofore the redemption OF
three per cent. bonds, which were payable at
the op'lon OF thc government, has Afforded
means Tor the disbursement OF the excess of
our revenues nut these bonds have all been
reufed' ana mere are no ponds outstanding
the payment OF wh'ch we have the night to
INSIST upon Inc contribution TO the sinking
funn which furnishes the occasion for expendi-
'nre III 'he purchase OF pohds' mas b"en al
reahy h'ahe Tor ,he current year. so that
'here Is no Quiet IN that direetion; the only
pre,ehce OF any eaiS'ihg executive power 10
restore AT 'his uihe any part OF our surplus
revenues 10 'he people by ts expenditure
consists VI 'he supposition that the secretary
OF 'he treasury may sh'ef 'he market ana
purcnaSe an ophus OF 'ie government not YET
,ri nnf AZ rate % premium 10 De agreed upon.
ne oniy Pip'is'oh oi IA" from which such
49, IN, ,I Vs. 70 iVu''' N an AP
'al'o' ~, pas,sl n''iioer o, years ago,
anu u - supJ'cl W 'hc susptcioh tnat IL WAS